Impresario Robert F.X. Sillerman said yesterday he agreed to buy 85 per cent of Presley's estate, including rights to his name and management of his famed Graceland mansion, in a deal worth $100 million.

Sillerman, who founded and later sold radio operator SFX Broadcasting and concert promoter SFX Entertainment, will acquire the stake in Elvis Presley Enterprises from Presley's daughter, Lisa Marie Presley. He called Elvis, famed as the 'King of Rock ' Roll' the 'most significant icon in American pop culture'.

As well as running Graceland, Presley's home in Memphis, Tennessee, Sillerman will own his name and likeness, the rights to his photographs and revenue from his music, TV shows and films such as Jailhouse Rock.

The title to Graceland and its surrounding property, including most of Presley's personal effects, will remain with Lisa Marie Presley. Graceland's visitor complex and 'Heartbreak Hotel' will be sold.

Lisa Marie Presley said she had sought a partner for several years to help expand Elvis Presley Enterprises and hoped the deal would preserve her father's legacy. 'My greatest responsibility to my father is to preserve and protect his legacy, and this is an exciting new structure that opens up an incredible array of opportunities,' she said.